A double-edged ruling by the US Inland Revenue Service has slammed the door shut on the prospect of financial institutions buying up pension plans for profit, but at the same time has laid out a framework of principles for how such transactions could be permitted in the future.
The IRS ruling stated that transferring sponsorship of a frozen pension plan to an unrelated company without a simultaneous shift in business assets would result in the plan no longer qualifying for tax benefits. The IRS
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